Western Liberty Bancorp announced yesterday the successful consummation of their acquisition of Service1st Bank of Nevada. As of the close of business yesterday, Western Liberty Bancorp will operate as a new Nevada financial institution bank holding company and will conduct their operations through their wholly owned subsidiary, Service1st. Furthermore, Western Liberty’s common shares will be listed on the NASDAQ Global Market, under the ticker symbol WLBC, today.
Mr. William E. Martin, CEO of both Western Liberty Bancorp and Service1st, said, “We are excited to consummate this transaction. We are especially pleased that the combined Western Liberty/Service1st platform will showcase one of the community’s best capitalized balance sheets to effectively serve our local businesses and residents.”
Mr. Michael Frankel, Chairman of Western Liberty Bancorp, noted, “The closing of this transaction is a significant milestone for our vision at Western Liberty Bancorp. As one of Nevada’s best capitalized community banks, we look forward to working with Nevada businesses as a value-added member of the Greater Las Vegas community.”
Mr. Steve Hill, Chairman of the Service1st Bank Board, said, “I share in everyone’s enthusiasm regarding the future of Service1st Bank. This event only serves to invigorate the Board and employees to double our efforts to make Service1st the best community bank in Nevada.”
Western Liberty, in conjunction with the transaction, has infused $25 million of capital onto Service1st’s balance sheet. This enhancement of Service1st’s capital and liquidity, position it as one of the strongest community banks serving the Las Vegas market.
Service1st operates as a traditional community bank. They provide a complete range of banking and related services to locally owned businesses and individuals. They do this from their headquarters and two retail banking facilities in the greater Las Vegas area. Primarily all of Service1st’s business is generated in the Nevada market. Services provided include basic commercial and consumer depository services, commercial working capital and equipment loans, commercial real estate loans, and other traditional commercial banking services.
Western Liberty Bancorp is a Nevada financial institution bank holding company. They conduct their operations through Service1st, their wholly-owned banking subsidiary.
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